Credit Crunch...

... Those that know me know Im currently TRYING to sell my house (due to a break-up with ex) but sadly the market is in a bad way due to the 'credit crunch' and as a result, first time buyers cant get onto the property ladder and my house is prodominantly a first time buyers house
Ive reduced the value of the house twice in the past couple of months and predictions are that it will get worse before it gets any better!

What i dont want is for me to lose the equity and it looks like it will go that way....

Also, at work, ive had a lot of people Cancelling their holiday due to 'financial' reasons....

Anyone else feeling the 'pinch' ???

Thats not good news that mate. It will probably get worse as well.

The ever increasing price of food is getting on my tits. Every week it just keeps going up and up.

With Mrs Manc off on maternity leave belts have been tightened a bit.

Fortunately we are not in the group of people who have morgatged themselves to the hilt.

If there's any chance that you can hang on, Ellis, it might be best. If you sell now, you won't get as much of your equity as you would have a while back and its only going to get worse. People who went through this in the 90's came out the other side OK when house prices started to rise again at the end of that decade. Trouble is, there is nothing much you can do to change the situation, its all down to patience and deep pockets when the mortgage rate starts going up again...

sori to hear things are bad , dont know if this will help,
a short term alternative maybe a rental, i was talking to my local estate agent a couple of days ago, she said that whilst the prices of property is going down, rental prices are generally increasing. maybe an option mate, hope things get better.

Gozzer said:

If there's any chance that you can hang on, Ellis, it might be best. If you sell now, you won't get as much of your equity as you would have a while back and its only going to get worse. People who went through this in the 90's came out the other side OK when house prices started to rise again at the end of that decade. Trouble is, there is nothing much you can do to change the situation, its all down to patience and deep pockets when the mortgage rate starts going up again...

Click to expand...

I could do, but it means me still living at home with the parents, which has its ups but alot of downs!

The ex is living at the house and she says she wont be able to afford living there for much longer so she has suggested to let it out on the sly to two of her friends and that way, we'd be covering the cost of the mortgage until the house prices rise again....

To be honest, i just want to get rid of the house so as i can move on in my life.
Neither of us can buy each other out as we cant afford the house by ourselves and Northern Rock are not leting us Let it out.....

Ellisthegreek said:

I could do, but it means me still living at home with the parents, which has its ups but alot of downs!

The ex is living at the house and she says she wont be able to afford living there for much longer so she has suggested to let it out on the sly to two of her friends and that way, we'd be covering the cost of the mortgage until the house prices rise again....

To be honest, i just want to get rid of the house so as i can move on in my life.
Neither of us can buy each other out as we cant afford the house by ourselves and Northern Rock wont let us.

Click to expand...

That is seriously messy, mate. I wouldn't want to be in your shoes and I hope you can find a way of resolving it.

I wouldnt let it out to friends on the sly. Could get very messy.

The man is socking it hard to us at the moment. Sort it out brownforpe

Can't you patch things up with the missus??

exeterry said:

Can't you patch things up with the missus??

Click to expand...

You've not met Ellis have you Terry?

Ellisthegreek said:

I could do, but it means me still living at home with the parents, which has its ups but alot of downs!

The ex is living at the house and she says she wont be able to afford living there for much longer so she has suggested to let it out on the sly to two of her friends and that way, we'd be covering the cost of the mortgage until the house prices rise again....

To be honest, i just want to get rid of the house so as i can move on in my life.
Neither of us can buy each other out as we cant afford the house by ourselves and Northern Rock are not leting us Let it out.....

Click to expand...

Ellis

Find an independant broler who can hopefully switch you a new loer fixed rate deal than you're on now, perhaps a buy to let mortgage, and let the property for a few years. Make sure your rental income covers your mortgage and you'll be fine. I know it's often difficult to take the emotion out of it, but see it purely as a business decision and you and your ex will get along fine. Alternatively get a mate or family member to buy her out (at a very low price) and work with them. Where is the house and how much is it worth, I might come in with you

Good luck.